UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act File number 811-21413
Name of Fund: BlackRock Floating Rate Income Strategies Fund, Inc.
Fund Address: P.O. Box 9011
Princeton, NJ 08543-9011
Name and address of agent for service: Robert C. Doll, Jr., Chief Executive
Officer, BlackRock Floating Rate Income Strategies Fund, Inc., 800
Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O.
Box 9011, Princeton, NJ, 08543-9011
Registrant's telephone number, including area code: (609) 282-2800
Date of fiscal year end: 08/31/2007
Date of reporting period: 09/01/06 - 11/30/06
Item 1 - Schedule of Investments
BlackRock Floating Rate Income Strategies Fund, Inc.
Schedule of Investments as of November 30, 2006
Face
Industry Amount Floating Rate Loan Interests** Value
Aerospace & Defense - $ 2,000,000 Avio Mezz Term Loan, 9.32% due 9/25/2016 $ 2,000,000
5.3% 1,640,000 Avio Term B Term Loan, 7.695% due 9/25/2014 1,640,000
1,640,000 Avio Term C Term Loan, 8.07% due 9/25/2015 1,640,000
2,382,000 IAP Worldwide Services, Inc. First Lien Term Loan, 8.438%
due 12/20/2012 2,355,948
1,776,358 K&F Industries, Inc. Term Loan, 7.32% due 11/18/2013 1,781,355
2,101,911 MRO Acquisitions Corp. First Lien Term Loan, 7.82% due 8/27/2010 2,115,048
2,583,333 Standard Aero Holdings Term Loan, 7.57% - 7.63% due 8/24/2012 2,588,177
1,400,000 Vought Aircraft Industries, Inc. Revolving Credit, 7.82%
due 12/22/2010 1,333,500
2,891,576 Vought Aircraft Industries, Inc. Term Loan, 7.87% - 7.88%
due 12/22/2011 2,900,613
560,000 Vought Aircraft Industries, Inc. Tranche B Line of Credit Deposit,
7.58% due 12/22/2010 561,866
---------------
18,916,507
Airlines - 0.7% 1,000,000 Delta Air Lines Debtor in Possession Term Loan B, 10.118% due 3/16/2008 1,006,406
186,563 United Air Lines Delayed Draw Term Loan, 9.08% due 2/01/2012 188,095
1,305,938 United Air Lines Term Loan B, 9.12% due 2/01/2012 1,316,664
---------------
2,511,165
Automotive - 7.8% 2,672,143 Affinia Group Term Loan B, 8.376% due 11/30/2011 2,679,660
1,250,000 Delphi Corp. Debtor in Possession Term Loan B, 8.125% due 10/08/2007 1,259,375
995,000 GPX International Tire Corp. Term Loan B, 7.83% due 4/06/2012 980,075
6,500,000 General Motors Acceptance Corp. Term Loan B, 7.745% due 11/17/2013 6,500,000
1,500,000 JL French Corp. First Lien Term Loan, 8.499% due 6/05/2011 1,415,625
1,490,524 Keystone Automotive Operations, Inc. Term Loan,
7.874% - 7.89% due 10/30/2009 1,492,387
6,000,000 Metaldyne Corp. Term Loan D, 3.50% - 9.875% due 8/18/2011 6,000,000
2,896,483 Tenneco Automotive, Inc. Term Loan B, 7.36% due 12/12/2010 2,906,441
1,272,374 Tenneco Automotive, Inc. Tranche B-1 Credit Linked Deposit,
7.32% due 12/12/2010 1,276,748
3,000,000 Visteon Corp. Term Loan B, 8.61% due 6/13/2013 2,997,000
---------------
27,507,311
Broadcasting - 2.1% 1,000,000 EMMIS Communications Term Loan B, 7.32% due 10/31/2013 1,004,375
380,769 Next Media Group, Inc. Delayed Draw Term Loan, 7.32% due 11/15/2012 379,341
856,731 Next Media Group, Inc. First Lien Term Loan, 7.32% due 11/15/2012 853,518
1,750,000 Next Media Group, Inc. Second Lien Term Loan, 9.82% due 11/15/2013 1,756,562
3,250,000 Paxson Communications Corp. First Lien Term Loan, 8.624% due 11/15/2012 3,302,813
---------------
7,296,609
Cable - U.S. - 18.0% 2,000,000 Cebridge Connections Second Lien Term Loan, 9.871% due 5/04/2014 1,990,000
2,155,172 Cebridge Connections Term Loan B, 7.62% due 11/05/2013 2,147,933
12,000,000 Century Cable Holdings LLC Discretionary Term Loan,
10.25% due 12/31/2009 11,692,500
21,000,000 Charter Communications, Inc. Term Loan B, 8.005% due 4/28/2013 21,132,573
1,989,924 DIRECTV Holdings, Inc. Tranche B Term Loan, 6.82% due 4/13/2013 1,989,698
5,000,000 Hilton Head Communications UCA Term Loan B, 9.50% due 3/31/2008 4,860,415
3,750,000 Insight Midwest Holdings LLC Delayed Draw Term Loan,
7.61% due 4/03/2014 3,767,812
1,250,000 Insight Midwest Holdings LLC Term Loan B, 7.61% due 4/06/2014 1,255,937
6,895,000 Intelsat Corp. Term Loan B, 7.872% due 1/03/2014 6,954,373
2,962,500 Intelsat Ltd. Term Loan B, 7.872% due 6/27/2013 2,981,756
1,965,625 Mediacom Broadband Group Tranche A Term Loan,
6.32% - 6.62% due 3/31/2010 1,923,855
3,160,000 Mediacom LLC Term Loan C, 7.07% - 7.37% due 1/31/2015 3,148,150
---------------
63,845,002
Chemicals - 6.8% 1,950,000 Hercules, Inc. Term Loan B, 6.867% - 6.87% due 10/08/2010 1,948,050
6,704,951 Huntsman ICI Holdings Term Loan B, 7.07% due 8/16/2012 6,693,774
967,588 Invista Term Loan, 6.875% due 4/29/2011 967,588
2,108,865 Invista Term Loan B-1, 6.875% due 4/29/2011 2,098,321
5,894,985 Nalco Co. Tranche B Term Loan, 7.07% - 7.30% due 11/04/2010 5,906,375
500,000 NuSil Technology Term Loan, 10% due 10/31/2013 502,500
1,970,000 Rockwood Specialties Group, Inc. Tranche D Term Loan,
7.376% due 12/10/2012 1,977,388
4,750,000 Wellman, Inc. Second Lien Term Loan, 12.121% due 2/10/2010 4,037,500
---------------
24,131,496
Consumer - Durables - 3,268,092 Simmons Co. Tranche B Term Loan, 6.875% - 7.625% due 12/19/2011 3,286,475
0.9%
Consumer - Non- 1,367,271 American Achievement Corp. Term Loan B, 7.57% - 9.50% due 3/22/2011 1,374,962
Durables - 0.7% 756,000 Camelbak Products LLC First Lien Term Loan, 9.38% - 9.46% due 8/04/2011 734,580
441,379 Renfro Corp. Term Loan B, 8.61% - 8.63% due 9/30/2013 440,276
---------------
2,549,818
Diversified Media - 1,000,000 ACS Media Canada Term Loan B, 7.82% due 11/30/2014 1,002,500
10.0% 2,000,000 Advantage Sales & Marketing Term Loan B, 7.37% - 7.46% due 4/15/2013 1,990,000
2,250,000 Alix Partners Term Loan B, 7.88% due 10/30/2013 2,261,250
1,957,895 GateHouse Media Term Loan, 7.57% due 12/15/2013 1,957,895
990,000 HIT Entertainment Ltd. First Lien Term Loan, 7.62% due 8/31/2012 994,641
8,000,000 Idearc, Inc. Term Loan B, 7.32% due 11/15/2014 8,035,504
1,250,000 MediMedia International Term Loan B, 7.772% - 9.75% due 11/15/2013 1,254,687
9,950,000 Metro-Goldwyn-Mayer Studios, Inc. Term Loan B, 8.75% due 4/30/2011 9,822,073
6,000,000 Nielsen Finance LLC Term Loan B, 8.125% due 8/15/2013 6,016,248
2,000,000 RHI Entertainment LLC Term Loan B, 8.38% due 12/31/2011 1,995,000
---------------
35,329,798
Energy - Exploration & 994,970 Helix Energy Solutions Term Loan B, 7.33% - 7.64% due 7/01/2013 994,970
Production - 1.3% 110,759 Longyear Global Holdings, Inc. Delayed Draw Term Loan,
8.626% due 10/31/2012 111,359
102,848 Longyear Global Holdings, Inc. First Lien Term Loan, 8.61%
due 10/31/2012 103,405
995,000 MEG Energy Corp. Term Loan B, 7.375% due 4/03/2013 995,889
2,500,000 Targa Resources, Inc. Bridge Loan, 7.617% due 10/31/2007 2,499,220
---------------
4,704,843
Energy - Other - 2.7% 110,833 Alon USA, Inc. Delayed Draw, 7.62% - 7.876% due 6/22/2013 111,249
886,667 Alon USA, Inc. Term Loan B, 7.62% - 7.931% due 6/22/2013 889,992
1,872,610 Coleto Creek WLE LP Letter of Credit, 8.117% due 7/31/2013 1,858,567
127,389 Coleto Creek WLE LP Term Loan B, 8.117% due 7/31/2013 126,433
1,025,000 EPCO, Inc. Term Loan C, 7.32% - 7.374% due 8/18/2010 1,028,478
3,920,000 Exco Resources, Inc. Second Lien Term Loan,
10.875% - 10.938% due 10/31/2011 3,959,200
1,488,750 Key Energy Services, Inc. Term Loan B, 9.07% - 9.12% due 6/30/2012 1,492,472
---------------
9,466,391
Financial - 0.4% 250,000 Kyle Acquisition Term Loan B, 8.875% due 7/20/2009 248,594
1,246,875 USI Holdings Corp. Term Loan B, 7.688% due 7/30/2008 1,251,551
---------------
1,500,145
Food & Tobacco - 2.9% 1,000,000 Bolthouse Farms, Inc. Second Lien Term Loan, 10.867% due 12/01/2013 1,006,667
2,000,000 Chiquita Brands International Term Loan C, 8.375% due 6/28/2012 2,009,376
1,400,875 Commonwealth Brands Term Loan, 7.688% due 12/22/2012 1,408,230
1,000,000 DS Waters Enterprises, LP Term Loan B, 7.82% due 11/15/2012 1,001,250
186,047 Dole Food Co., Inc. Letter of Credit, 5.37% due 4/12/2013 183,928
416,512 Dole Food Co., Inc. Term Loan B, 7.438% - 9.25% due 4/12/2013 411,768
1,388,372 Dole Food Co., Inc. Term Loan C, 7.438% - 9.25% due 4/04/2013 1,372,560
500,000 Eight O'Clock Coffee Second Lien Term Loan, 8.125% due 7/21/2012 500,000
500,000 Iglo Birds Eye Term Loan B, 5.791% due 10/27/2019 669,457
500,000 Iglo Birds Eye Term Loan C, 6.166% due 10/27/2015 662,173
713,333 Pierre Foods, Inc. Term Loan B, 7.50% due 6/30/2010 (h) 713,779
500,000 QCE LLC First Lien Term Loan, 7.75% due 5/05/2013 497,813
---------------
10,437,001
Gaming - 4.4% 1,950,263 Green Valley Ranch Gaming LLC Term Loan, 7.367% due 12/22/2010 1,946,606
500,000 Greenwood Racing, Inc. Term Loan, 7.57% due 11/15/2013 501,250
891,000 Isle of Capri Black Hawk Term Loan B, 7.35% - 7.51% due 10/24/2011 889,886
987,500 Isle of Capri Casinos, Inc. Tranche 3 Delayed Draw Term Loan,
7.117% due 2/04/2011 988,734
1,222,538 Penn National Gaming, Inc. Term Loan B, 7.12% - 7.15% due 9/01/2007 1,227,275
2,000,000 Pinnacle Entertainment Term Loan, 7.32% due 12/15/2011 2,005,500
2,468,750 Trump Entertainment Resorts Holdings LP Term Loan B-1,
8.03% due 5/01/2012 2,481,094
1,000,000 Venetian Casino Resort LLC Delayed Draw Term Loan, 7.12% due 6/15/2011 1,002,885
3,100,000 Venetian Casino Resort LLC Term Loan B, 7.12% due 6/15/2011 3,108,944
1,500,000 Venetian Macau U.S. Finance Co. LLC Term Loan B, 8.12% due 5/25/2013 1,506,938
---------------
15,659,112
Health Care - 2.8% 2,744,000 Community Health Systems, Inc. Term Loan, 7.07% - 7.12% due 8/19/2011 2,743,020
2,836,485 DaVita, Inc. Tranche B Term Loan, 7.32% - 7.69% due 10/05/2012 2,845,221
653,951 Duloxetine Royalty Term Loan, 9.874% due 10/18/2013 653,951
940,541 Gentiva Health Services, Inc. Term Loan B, 7.57% - 7.89% due 3/31/2013 941,128
1,897,249 LifePoint Hospitals, Inc. Term Loan B, 6.945% due 4/15/2012 1,885,154
750,000 Sterigenics International, Inc. Term Loan B, 7.86% due 11/30/2013 751,406
---------------
9,819,880
Housing - 3.1% 2,920,211 Headwaters, Inc. Term Loan B-1, 7.38% due 4/30/2011 2,905,610
67,105 LIONS Gables Realty Term Loan B, 7.07% due 3/30/2007 67,119
995,000 Mattamy Group Term Loan B, 7.625% due 4/11/2013 985,050
2,443,750 Nortek, Inc. Term Loan, 7.36% - 9.75% due 8/27/2011 2,433,059
3,536,147 PGT Industries, Inc. First Lien Term Loan, 8.38% due 2/14/2012 3,536,147
1,000,000 Ply Gem Industries, Inc. First Lien Term Loan, 8.32% due 10/31/2011 1,006,250
---------------
10,933,235
Information 2,104,385 Activant Solutions Term Loan B, 7.375% due 5/02/2013 2,085,971
Technology - 7.2% 3,460,000 Fidelity National Information Solutions, Inc. Term Loan B,
7.07% due 3/09/2013 3,459,761
2,000,000 Marvell Technology Group Term Loan B, 7.32% due 11/15/2009 2,002,500
3,000,000 Nuance Communications, Inc. Term Loan B, 7.32% due 12/29/2013 2,984,064
5,500,000 The Reynolds and Reynolds Company First Lien Term Loan,
7.82% due 10/31/2012 5,520,625
2,500,000 The Reynolds and Reynolds Company Second Lien Term Loan,
10.82% due 10/31/2013 2,525,000
2,000,000 Sanmina-SCI Corp. Term Loan, 7.88% due 1/30/2008 2,004,000
1,975,000 SunGard Data Systems, Inc. Term Loan B, 7.875% due 2/11/2013 1,988,270
1,970,000 Telcordia Technologies, Inc. Term Loan, 8.11% - 8.12% due 9/15/2012 1,917,056
1,000,000 Verifone, Inc. Term Loan B, 7.12% due 2/28/2013 1,002,188
---------------
25,489,435
Leisure - 1.7% 3,980,000 24 Hour Fitness Term Loan B, 7.87% - 8.12% due 6/08/2012 4,003,215
178,444 Travelport, Inc. Standby Letter of Credit, 8.367% due 8/31/2013 178,683
1,821,556 Travelport, Inc. Term Loan B, 8.367% due 8/31/2013 1,823,995
---------------
6,005,893
Manufacturing - 6.4% 1,036,392 Boart Longyear Co. Second Lien Term Loan, 8.61% due 10/18/2013 1,042,007
1,180,555 Communications & Power Industries, Inc. Term Loan, 7.57% due 7/23/2010 1,182,769
2,470,588 Invensys Plc Bonding Tranche, 7.446% due 12/15/2010 2,482,941
2,779,412 Invensys Plc Term Loan, 7.31% due 1/15/2011 2,793,309
2,462,500 Metokote Corp. Second Lien Term Loan, 8.35% - 8.38% due 11/27/2011 2,456,344
3,401,748 Mueller Group LLC Term Loan B, 7.367% - 7.868% due 10/03/2012 3,414,151
1,500,000 NACCO Materials Handling Group Term Loan B, 7.28% - 7.41% due 3/21/2013 1,496,250
5,143,478 Sensus Metering Systems, Inc. Term Loan B-1,
7.371% - 7.583% due 12/17/2010 5,130,620
683,207 Sensus Metering Systems, Inc. Term Loan B-2,
7.371% - 7.583% due 12/19/2010 681,498
375,000 Trimas Corp. Letter of Credit, 8.08% due 8/02/2013 376,172
1,625,000 Trimas Corp. Term Loan B, 8.125% due 8/02/2013 1,630,078
---------------
22,686,139
Packaging - 2.2% 2,555,172 Anchor Glass Container Corp. Term Loan B, 7.617% - 7.62% due 5/03/2013 2,555,172
3,420,095 Graham Packaging Co. LP Term Loan B, 7.625% - 7.875% due 10/07/2011 3,431,699
1,960,000 Intertape Polymer US, Inc. Term Loan B, 7.64% - 7.76% due 7/28/2011 1,952,650
---------------
7,939,521
Paper - 2.1% 1,154,786 Boise Cascade Holdings LLC Tranche D Term Loan,
7.094% - 7.125% due 10/28/2011 1,158,683
992,500 Georgia Pacific Corp. First Lien Term Loan B, 7.367% - 7.50%
due 2/14/2013 994,258
1,000,000 Georgia Pacific Corp. Second Lien Term Loan C, 8.39% due 2/14/2014 1,002,148
148,806 SP Newsprint Co. Term Loan, 9.50% due 1/09/2010 149,364
1,972,738 SP Newsprint Co. Tranche B-1 Credit Linked Deposit, 5.33% due 1/09/2010 1,980,136
1,329,904 Smurfit-Stone Container Corp. Term Loan B, 7.625% - 7.688%
due 11/01/2011 1,337,763
693,529 Smurfit-Stone Container Corp. Term Loan C, 7.625% - 7.688%
due 11/01/2011 697,627
---------------
7,319,979
Retail - 1.1% 1,009,603 American Reprographics Co. Term Loan, 7.07% - 9.50% due 6/18/2009 1,009,603
972,505 General Nutrition Centers, Inc. Tranche B Term Loan, 8.07%
due 12/05/2009 976,152
1,424,051 The Neiman Marcus Group, Inc. Term Loan, 7.891% due 4/06/2013 1,432,951
500,000 PETCO Animal Supplies, Inc. Term Loan, 8.10% due 10/31/2012 501,750
---------------
3,920,456
Service - 5.3% 1,980,000 Baker Tanks, Inc. Term Loan B, 7.82% due 11/23/2012 1,989,900
2,834,750 Buhrmann USA, Inc. Term Loan C, 7.12% - 7.14% due 12/23/2010 2,831,207
1,993,947 Coinmach Laundry Corp. Term Loan B, 7.875% due 12/16/2012 2,008,902
2,248,667 Coinstar, Inc. Term Loan, 7.35% - 7.37% due 7/07/2011 2,257,099
18,868 EnergySolutions Letter of Credit, 7.57% due 6/07/2013 18,950
396,403 EnergySolutions Term Loan B, 7.64% - 7.77% due 6/07/2013 398,137
179,598 EnergySolutions Term Loan C, 7.64% - 7.77% due 6/07/2013 180,384
1,951,097 NEW Customer Service Cos., Inc. First Lien Term Loan,
8.07% - 8.12% due 8/31/2013 1,955,975
992,662 RGIS Inventory Specialists First Lien Term Loan, 7.867% due 12/31/2012 988,939
364,181 United Rentals, Inc. Term Loan, 7.32% due 2/14/2011 365,395
164,912 United Rentals, Inc. Tranche B Credit Linked Deposit, 5.223%
due 2/14/2011 165,462
2,805,000 Vanguard Car Rental Term Loan B, 8.313% - 8.367% due 5/15/2013 2,820,195
1,778,412 Weight Watchers International, Inc. First Lien Term Loan,
7.57% - 7.624% due 11/18/2010 1,781,746
1,000,000 Weight Watchers International, Inc. Term Loan C, 10.359% due 6/16/2011 1,005,000
---------------
18,767,291
Telecommunications - 2,000,000 Alaska Communication Systems Holdings, Inc. Incremental Term Loan,
1.3% 7.117% due 2/01/2012 1,997,084
2,172,500 Consolidated Communications, Inc. Term Loan D,
7.367% - 7.373% due 10/14/2011 2,169,784
500,000 Time Warner Telecom Term Loan, 7.57% due 10/31/2013 496,563
---------------
4,663,431
Utility - 12.6% 1,571,429 AES Corp. Term Loan, 6.75% - 7.50% due 4/30/2008 1,571,755
2,500,000 Calpine Corp. Delayed Draw Term Loan, 11.07% due 12/20/2007 2,535,418
4,902,199 Calpine Corp. Term Loan B, 10.35% due 7/16/2007 (f) 5,425,686
1,500,000 Calpine Generating Co. LLC First Lien Term Loan, 9.07% due 4/01/2009 1,535,000
2,500,000 Calpine Generating Co. LLC Second Lien Term Loan, 9.367% due 3/11/2010 2,628,125
1,657,317 Cogentrix Delaware Holdings, Inc. Term Loan, 6.87% due 4/15/2012 1,656,972
462,963 Covanta Energy Corp. Delayed Draw, 7.749% due 6/30/2012 461,806
2,341,463 Covanta Energy Corp. First Lien Letter of Credit, 5.371% due 6/24/2012 2,354,147
1,673,702 Covanta Energy Corp. First Lien Term Loan, 7.57% - 7.621% due 6/24/2012 1,682,768
1,625,000 Covanta Energy Corp. Second Lien Term Loan, 10.871% due 6/24/2013 1,651,406
1,000,000 Generac Portable Products, Inc. First Lien Term Loan, 7.82% due 11/15/2013 1,003,125
750,000 Generac Portable Products, Inc. Second Lien Term Loan,
11.32% due 5/15/2014 753,281
4,925,000 KGen LLC Tranche A Term Loan, 7.992% due 8/05/2011 4,918,844
129,184 LSP General Finance Co. LLC Delayed Draw Term Loan, 7.117% due 5/04/2013 129,238
3,037,437 LSP General Finance Co. LLC First Lien Term Loan, 7.117% due 5/04/2013 3,038,703
500,000 LSP General Finance Co. LLC Term Loan, 8.867% due 5/04/2014 505,417
2,398,701 LSP Kendall Energy Term Loan B, 7.367% due 10/07/2013 2,390,707
432,732 Midwest Generation LLC Term Loan C, 6.87% - 7.31% due 4/27/2011 432,732
500,000 NE Energy Second Lien Term Loan, 11.75% due 10/31/2014 506,459
2,000,000 NE Energy Term Loan B, 9.75% due 10/31/2013 2,016,000
558,192 Reliant Energy, Inc. Term Loan, 7.695% due 4/30/2010 557,611
1,676,280 Riverside Energy Center Term Loan, 9.626% due 6/24/2011 1,716,092
133,966 Rocky Mountain Energy Center LLC Credit Linked Deposit,
5.39% due 6/24/2011 137,148
1,158,118 Rocky Mountain Energy Center LLC Term Loan, 9.626% due 6/24/2011 1,185,623
1,456,812 Wolf Hollow I LP First Lien Term Loan, 7.749% due 6/22/2012 1,427,675
1,200,000 Wolf Hollow I LP Letter of Credit, 7.57% due 6/22/2012 1,176,000
294,231 Wolf Hollow I LP Revolving Credit, 7.57% due 6/22/2012 288,346
1,000,000 Wolf Hollow I LP Second Lien Term Loan, 9.94% due 12/22/2012 1,000,000
---------------
44,686,084
Wireless 2,154,167 Centennial Cellular Operating Co. Term Loan, 7.617% - 7.62%
Communications - 1.7% due 2/09/2011 2,168,078
2,000,000 MetroPCS, Inc. Term Loan B, 7.875% due 11/15/2013 1,998,000
2,000,000 West Corp. Term Loan, 8.07% due 10/31/2013 1,996,072
---------------
6,162,150
Total Floating Rate Loan Interests (Cost - $394,984,441) - 111.5% 395,535,167
Corporate Bonds
Aerospace & Defense - 250,000 Alliant Techsystems, Inc., 6.75% due 4/01/2016 247,500
0.1%
Automotive - 0.6% 250,000 AutoNation, Inc., 7.374% due 4/15/2013 (a) 250,000
750,000 Ford Motor Credit Co., 9.824% due 4/15/2012 (a) 793,806
1,000,000 The Goodyear Tire & Rubber Co., 9.14% due 12/01/2009 (a)(b) 1,003,750
---------------
2,047,556
Cable - International - 375,000 NTL Cable Plc, 8.75% due 4/15/2014 391,875
0.1%
Cable - U.S. - 1.9% 2,000,000 CSC Holdings, Inc. Series B, 7.625% due 4/01/2011 2,037,500
2,000,000 Cablevision Systems Corp. Series B, 9.62% due 4/01/2009 (a) 2,095,000
575,000 Cablevision Systems Corp. Series B, 8% due 4/15/2012 564,937
435,000 Intelsat Subsidiary Holding Co. Ltd., 10.484% due 1/15/2012 (a) 440,437
500,000 Intelsat Subsidiary Holding Co. Ltd., 8.25% due 1/15/2013 509,375
315,000 PanAmSat Corp., 9% due 6/15/2016 (b) 331,144
800,000 Quebecor Media, Inc., 7.75% due 3/15/2016 810,000
---------------
6,788,393
Chemicals - 0.8% 2,011,000 GEO Specialty Chemicals, Inc., 13.867% due 12/31/2009 (a) 1,659,075
1,125,000 Nova Chemicals Corp., 8.502% due 11/15/2013 (a) 1,127,812
---------------
2,786,887
Diversified Media - 4,000,000 Nielsen Finance LLC, 10% due 8/01/2014 (b) 4,230,000
1.3% 250,000 Quebecor World Capital Corp., 8.75% due 3/15/2016 (b) 242,500
---------------
4,472,500
Energy - Exploration & 500,000 Pogo Producing Co., 7.875% due 5/01/2013 (b) 512,500
Production - 0.1%
Energy - Other - 0.8% 50,000 MarkWest Energy Partners LP, 8.50% due 7/15/2016 (b) 50,500
3,000,000 Ocean RIG ASA, 9.37% due 4/04/2011 2,985,000
---------------
3,035,500
Financial - 0.3% 1,000,000 NCO Group, Inc., 10.244% due 11/15/2013 (a)(b) 990,000
Food & Tobacco - 1.2% 250,000 AmeriQual Group LLC, 9.50% due 4/01/2012 (b) 260,000
3,000,000 Smithfield Foods, Inc., 7% due 8/01/2011 3,082,500
1,050,000 The Wornick Co., 10.875% due 7/15/2011 850,500
---------------
4,193,000
Gaming - 0.8% 1,100,000 Galaxy Entertainment Finance Co. Ltd., 10.354% due 12/15/2010 (a)(b) 1,177,000
1,565,000 Little Traverse Bay Bands of Odawa Indians, 10.25% due 2/15/2014 (b) 1,572,825
---------------
2,749,825
Health Care - 0.4% 1,000,000 Angiotech Pharmaceuticals, Inc., 9.103% due 12/01/2013 (b) 1,000,000
25,000 Angiotech Pharmaceuticals, Inc., 7.75% due 4/01/2014 (b) 22,562
575,000 U.S. Oncology, Inc., 9% due 8/15/2012 602,312
---------------
1,624,874
Housing - 1.3% 2,000,000 Goodman Global Holding Co., Inc., 8.36% due 6/15/2012 (a) 2,040,000
3,000,000 Masonite International Corp., 11% due 4/06/2015 (b) 2,730,000
---------------
4,770,000
Information 2,875,000 MagnaChip Semiconductor SA, 8.61% due 12/15/2011 (a) 2,558,750
Technology - 1.8% 1,825,000 SunGard Data Systems, Inc. 9.973% due 8/15/2013 (a) 1,895,719
1,900,000 SunGard Data Systems, Inc. 10.25% due 8/15/2015 (b) 2,014,000
---------------
6,468,469
Manufacturing - 1.1% 325,000 ERICO International Corp., 8.875% due 3/01/2012 349,999
2,000,000 International Rectifier Corp., 4.25% due 7/15/2007 (c) 1,982,500
1,346,000 Invensys Plc, 9.875% due 3/15/2011 (b) 1,450,315
---------------
3,782,814
Metal - Other - 0.2% 700,000 Novelis, Inc., 8.25% due 2/15/2015 (b) 672,000
Packaging - 0.7% 2,350,000 Packaging Dynamics Finance Corp., 10% due 5/01/2016 (b) 2,361,750
Paper - 2.2% 2,650,000 Abitibi-Consolidated, Inc., 8.86% due 6/15/2011 (a) 2,517,500
700,000 Ainsworth Lumber Co. Ltd., 9.117% due 10/01/2010 (a) 591,500
725,000 Domtar, Inc., 7.125% due 8/15/2015 694,187
925,000 NewPage Corp., 11.621% due 5/01/2012 (a) 1,001,312
3,000,000 Verso Paper Holdings LLC, 9.121% due 8/01/2014 (a)(b) 3,060,000
---------------
7,864,499
Retail - 1.1% 1,600,000 Jean Coutu Group, Inc., 8.50% due 8/01/2014 1,600,000
2,000,000 Neiman Marcus Group, Inc., 9% due 10/15/2015 2,167,500
---------------
3,767,500
Service - 1.8% 250,000 Ahern Rentals, Inc., 9.25% due 8/15/2013 (b) 260,000
3,375,000 Allied Waste North America, Inc. Series B, 7.375% due 4/15/2014 3,379,219
600,000 Dycom Industries, Inc., 8.125% due 10/15/2015 621,000
2,000,000 Sunstate Equipment Co. LLC, 10.50% due 4/01/2013 (b) 2,120,000
---------------
6,380,219
Steel - 0.9% 3,000,000 CSN Islands VIII Corp., 9.75% due 12/16/2013 (b) 3,360,000
Telecommunications - 2,800,000 Cincinnati Bell, Inc., 7.25% due 7/15/2013 2,870,000
2.4% 200,000 Cincinnati Bell, Inc., 8.375% due 1/15/2014 204,500
3,700,000 Qwest Communications International, Inc., 8.874% due 2/15/2009 (a) 3,741,625
1,450,000 Qwest Corp., 8.61% due 6/15/2013 (a) 1,571,437
---------------
8,387,562
Utility - 3.4% 2,000,000 Calpine Corp., 9.875% due 12/01/2011 (b)(f) 2,175,000
2,375,000 Edison Mission Energy, 7.50% due 6/15/2013 2,464,062
500,000 El Paso Performance-Linked Trust, 7.75% due 7/15/2011 (b) 517,500
3,000,000 NRG Energy, Inc., 7.25% due 2/01/2014 3,000,000
4,000,000 Reliant Energy, Inc., 6.75% due 12/15/2014 3,890,000
---------------
12,046,562
Wireless 3,250,000 Rogers Wireless Communications, Inc., 8.485% due 12/15/2010 (a) 3,315,000
Communications -
0.9%
Total Corporate Bonds (Cost - $91,724,443) - 26.2% 93,016,785
Shares
Held Common Stocks
Chemicals - 0.0% 13,117 GEO Specialty Chemicals, Inc. (e) 13,117
Energy - Other - 1.2% 119,185 Trico Marine Services, Inc. (e) 4,332,375
Manufacturing - 0.4% 71,654 Medis Technologies Ltd. (e) 1,447,411
Paper - 0.1% 84,448 Western Forest Products, Inc. Restricted Shares (e) 122,008
Total Common Stocks (Cost - $4,322,548) - 1.7% 5,914,911
Warrants (d)
Utility - 0.0% 4,558 Reliant Resources (expires 10/25/2008) 31,906
Total Warrants - (Cost - $0) - 0.0% 31,906
Beneficial
Interest Short-Term Securities
$ 5,092,701 BlackRock Liquidity Series, LLC Cash Sweep Series I, 5.26% (g)(h) 5,092,701
Total Short-Term Securities (Cost - $5,092,701) - 1.4% 5,092,701
Total Investments (Cost - $496,124,133*) - 140.8% 499,591,470
Liabilities in Excess of Other Assets - (40.8%) (144,779,482)
---------------
Net Assets - 100.0% $ 354,811,988
===============
* The cost and unrealized appreciation (depreciation) of investments
as of November 30, 2006, as computed for federal income tax purposes,
were as follows:
Aggregate cost $ 496,090,376
======================
Gross unrealized appreciation $ 6,595,989
Gross unrealized depreciation (3,094,895)
----------------------
Net unrealized appreciation $ 3,501,094
======================
** Floating rate loan interests in which the Fund invests generally pay
interest at rates that are periodically redetermined by reference to a
base lending rate plus a premium. The base lending rates are generally
(i) the lending rate offered by one or more major European banks, such
as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered
by one or more major U.S. banks or (iii) the certificate of deposit rate.
(a) Floating rate security.
(b) The security may be offered and sold to "qualified institutional buyers"
under Rule 144A of the Securities Act of 1933.
(c) Convertible security.
(d) Warrants entitle the Fund to purchase a predetermined number of shares of
common stock and are non-income producing. The purchase price and number
of shares are subject to adjustment under certain conditions until the
expiration date.
(e) Non-income producing security.
(f) Issuer filed for bankruptcy or is in default of interest payments.
(g) Investments in companies considered to be an affiliate of the Fund,
for purposes of Section 2(a)(3) of the Investment Company Act of 1940,
were as follows:
Net Interest
Affiliate Activity Income
BlackRock Liquidity Series, LLC
Cash Sweep Series I $ 5,022,607 $ 129,917
(h) Represents the current yield as of November 30, 2006.
o For Fund compliance purposes, the Fund's industry classifications
refer to any one or more of the industry sub-classifications used
by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Fund management. This definition may
not apply for purposes of this report which may combine industry
sub-classifications for reporting ease.
o Swaps outstanding as of November 30, 2006 were as follows:
Notional Unrealized
Amount Appreciation
Sold credit default protection on
General Motors Corp. and receive 4.40%
Broker, Morgan Stanley Capital Services, Inc.
Expires June 2007 $ 1,000,000 $ 17,829
Sold credit default protection on
Dow Jones CDX High Yield 100 Index
Series 6 and receive 3.45%
Broker, JPMorgan Chase
Expires June 2011 $ 30,000,000 775,680
----------
Total $ 793,509
==========
Item 2 - Controls and Procedures
2(a) - The registrant's certifying officers have reasonably designed such
disclosure controls and procedures to ensure material information
relating to the registrant is made known to us by others particularly
during the period in which this report is being prepared. The
registrant's certifying officers have determined that the registrant's
disclosure controls and procedures are effective based on our
evaluation of these controls and procedures as of a date within 90
days prior to the filing date of this report.
2(b) - There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal quarter
of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
Item 3 - Exhibits
Certifications - Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Floating Rate Income Strategies Fund, Inc.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: January 23, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By: /s/ Robert C. Doll, Jr.
-----------------------
Robert C. Doll, Jr.
Chief Executive Officer
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: January 23, 2007
By: /s/ Donald C. Burke
-----------------------
Donald C. Burke
Chief Financial Officer
BlackRock Floating Rate Income Strategies Fund, Inc.
Date: January 23, 2007